Buying a property is a big decision because it involves huge amount of money and investment and thus it is to be done with all proper judgments and in a proper state of mind. Person who is going to buy a property is called a purchaser. Many a times it happens that you do not have sufficient amount of money and you have to buy a property at that time you plan on taking a loan or something. Vendor finance is a new strategy which is now used by many people.
Vendors are the people who are selling their property and in vendor finance the vendors pay the money on the behalf of the purchaser and the property remains on the name on the vendors until the whole amount is paid by the purchaser. The buyer can use the property in the mean time and when the whole amount is paid by the purchaser the property is transferred to the buyer’s name. There are certain terms and conditions which are pre determined which are set by the vendor and the buyer have to agree to all the terms and conditions and then only the whole Vendor finance is carried on.
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